Ann Arbor Real Estate Blog

Blog about Ann Arbor and Saline Michigan

First Time Homebuyers in Ann Arbor in “wait and see” mode.

Last year, according to the National Association of Realtors, 41% of all the homes sold were to First Time Home-Buyers. As the prices became more affordable, in Ann Arbor and throughout Washtenaw County, many jumped in to take advantage of the affordability of the homes.

We should know today or tomorrow what the final version of the Obama Stimulus Plan will entail. On the table being debated between the House version and the Senate Version is the 7500.00 vs 15,000 tax credit to home buyers.

The last few days we have spoken to many buyers we are working with and that is the question on their mind. That and, “will we have to pay it back?”

Last year the $7500.00 credit was for First Time Home-buyers and would have to be paid back. The current house bill is to eliminate the pay back of last years bill. The Senate passed the 15K credit and does not include just first time home buyers but all buyers with a non-payback clause.

Since no one really knows what the final bill will contain, most of the buyers are in a wait and see mode; although many will seriously start looking when the bill is signed into law.The Senate bill as written will allow the credit on homes purchased in 2008-2009.

FHA guidelines require a home buyer have 3.5% to put down, and sellers can still contribute up to 6% in closing costs.